Tableau Software raises IPO stakes

FORTUNE — Tableau Software today increased the price range of its pending IPO to between $28 and $30 per share, meaning that it could raise upwards of $216 million when it prices tomorrow night. It had originally planned to price at between $23 and $26 per share.

And no one is happier about the bump than venture capital firm New Enterprise Associates, which stands to generate a 20x return on its investment.

NEA originally invested $5 million into the Seattle-based data visualization company nine years ago at just 47 cents per share. It pumped in another $10 million in 2008 at $2.29 per share.

Then, in 2010, NEA and Meritech Capital Partners launched a tender offer for at around $5.90 per share. NEA purchased another $14.2 million worth of Tableau stock, while Meritech invested $17.8 million.

If Tableau DATA prices at $30 per share, NEA’s aggregate investment of $29.2 million would be worth around $588 million — which is around a 20x return. Most of that would be on paper since NEA only is selling around 5% of its position in the IPO, but it also doesn’t include the possibility of Tableau pricing higher and/or experiencing a first-day listing pop on Friday. And if most recent enterprise software IPOs are any guide — particularly ones led by Goldman Sachs GS — then both bumps are a pretty good bet.

Meritech would experience a 5.6x multiple on its investment at $30 per share, with its $17.8 million investment valued at around $99.4 million. It is not planning to sell any shares in the IPO.

Sign up for Dan’s daily email newsletter on deals and deal-makers: GetTermSheet.com